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Tenstorrent closes $1.5 billion funding round at a $6.2 billion valuation. According to a TechCrunch AI report on October 20, 2026, the round was led by Trace Capital and Innovation X, with participation from Cadence Ventures, Eclipse, Fidelity, SanDisk, and T. Rowe Price; the valuation is more than double the $2.6 billion at the end of 2024. The report said CEO Jim Keller stated that after demonstrating that the company's Galaxy servers can run DeepSeek models, the company decided to remain independent and continue raising funds, and that the new capital will be used to expand chips for inference on open-weight models and video generation. There are currently no subsequent developments.
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Tenstorrent raises $1.5B at a $6.2B valuation to expand open-weight AI chipsDevelopments
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Oct 20
TechCrunch AI
Tenstorrent raises $1.5B at a $6.2B valuation to expand open-weight AI chips
AI chip startup Tenstorrent has completed a $1.5 billion funding round at a valuation of $6.2 billion, more than double its $2.6 billion valuation at the end of 2024. The round was led by Trace Capital and Innovation X, with participation from Cadence Ventures, Eclipse, Fidelity, SanDisk, and T. Rowe Price. CEO Jim Keller said the company decided to remain independent and continue raising funds after demonstrating that its Galaxy servers can run DeepSeek models, and that the new capital will be used to expand chips for open-weight model inference and video generation.